Risk Management Analysis


Engineering and construction contracts pose many risks to the participants. Aside from the contract itself (a risk allocation tool), the following risks must be analyzed to ensure adequate planning is provided:

 

·

 Schedule extensions
 

·

 Cost overruns
 

·

 Inadequate communication with other project participants

These risks are related to contract issues that must be evaluated to determine the most effective management strategy. Typical issues include:

 

·

 Timely drawing and material approval
 

·

 Clarity of drawings and specifications
 

·

 Integration of schedule activities of multiple prime contractors/subcontractors and the customer
 

·

 Delays in change order payments
Insurance/Bonding (for an Owner)

The earlier a risk analysis is performed, the greater the likelihood that risks can be controlled. WMA's experience in dispute resolution facilitates a cost effective review of project risks with your project manager and those of other "team" members.